I think it is now time to make Blockzero citizenship more exclusive and valuable. In the current system, citizenships aren’t valued in the way they should be. Anyone can become a citizen by just signing up to the forum. But what do they bring to the table? Do they even hold $XIO?
Proposal: To become a Blockzero citizen, you must stake 1,000 XIO for 1NFT which represents your citizenship. If you want to leave the citizenship at any point, simply trade back your NFT for 1,000 XIO and your citizenship rights are withdrawn.
Other communities such as Trustswap and Polkastarter use a model where you must hold a minimum amount of tokens to be eligible to participate in their ecosystem. Look at their success now. We should adopt a minimum holding model but go one step further and make it an NFT. Don’t be afraid to make this change thinking it will drive people away. It won’t, it will add value and exclusivity to Blockzero citizenship and I am very confident it will lead to an increase in citizenship.
Benefits of just holding XIO in this new model:
- Get new tokens released by blockzero labs on a 1:1 basis.
- No other benefits. If you want more, you must show commitment to Blockzero and stake to mint a citizenship NFT
Exclusive benefits of becoming a Blockzero citizen:
- Claim a unique NFT
- Vote on Blockzero governance. 1NFT = 1vote, regardless of how many XIO you hold. This makes voting fairer and whale resistant.
- Get a multiplier on the new tokens released by Blockzero labs based on the length of time you hold your NFT (similar to current XLP multiplier). Example: from day 1, you have a 2x multiplier. After 6months, 3x multiplier. After 12 months 4x multiplier. If you ever exchange NFT back for XIO, you lose your multiplier.
Advantages to Blockzero ecosystem from NFT citizenship:
- 1 citizen = 1,000 XIO out of circulation. 1,000 citizen = 1million XIO out of circulation. 10,000 citizen = 10million XIO out of circulation…
- More citizens = more XIO out of circulation = higher price floor = more startups come to Blockzero for funding = a thriving Blockzero economy
- A visual representation of citizenship via an NFT would make it more valuable and together with the exclusive benefits it would attract more citizenship signups. More citizens we have = the bigger our community = More startups approach us = More startup tokens added to index fund = higher price floor for XIO.
Disadvantages to Blockzero ecosystem of NFT citizenship:
- No disadvantages
Future consideration: Cost of membership
Staking 1,000 XIO in return for NFT membership at current XIO value of $0.35 will cost $350. We can’t ignore the fact that this NFT model of XIO citizenship will drive up the price of XIO and there will come a point where 1,000 XIO will become too expensive. What will be the price where we consider reducing the XIO amount? This can be decided by community governance when the time comes. But just for comparison, Polkastarter requires you to hold 3,000POLS to take part in their ecosystem, which at current price is $11,400. Those who got in early paid a cheaper price. It’s good to reward the earlier supporters.
When the time comes to reduce the 1,000 XIO amount, existing NFT stakers will be able to unstake and restake with the lower XIO amount, but they will lose their multiplier they have built up.
I would appreciate if you would all take your time and make additional comments and proposals on how this idea can be improved and also place a vote if you would support this idea. If you do, we can pass it to the core citizens of Blockzero to make this an official proposal on snapshot.page and either implement it with the current XIO token or implement it with the future $zero token.
One step at a time we will make Blockzero labs the best decentralised project in the crypto economy. Don’t take your eyes off the prize. We are the innovators. The prize is global adoption of our model.